THE WHAT? The stock price for Syoung Group has soared following the announcement of its intention to purchase French luxury cosmetics maker Evidens de Beauté, according to Yicai Global.
THE DETAILS The buy-out is set to take place for EUR49.5 million (USD$50 million), with Syoung having signed a day with major shareholders to purchase just over 90 percent of the company.
The figure also includes EUR5 million (USD$5.1 million) in dividends for 2021.
THE WHY? Shares of Syoung rose 20 percent following the buy out news, with Evidens de Beauté Founder staying in place following the purchase and the company retaining its independence.